OPEC President calls for full implementation of production adjustment agreement reached in April

Vienna, Austria, 1 May 2020--HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference, has called on OPEC Members and non-OPEC oil producing countries participating in the Declaration of Cooperation to fully implement the agreements reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April respectively via videoconference.

In the face of unprecedented difficulties facing the oil market, it is of the utmost importance that all the signatory countries fully implement the voluntary production reduction agreement and that the objective is to ensure a conformity of over 100%, the Minister said in a statement.

He added: “Algeria is ready to reduce its production as from May 1, in accordance with the agreement.”

The agreements reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings are effective as of 1 May 2020.